Actis’s $1.256 billion Acquisition of InterGen’s Assets in Mexico

Milbank, Galicia, Skadden and Creel, García-Cuéllar, Aiza y Enríquez advised on the deal

InterGen announced today that it has entered into an agreement with Actis to sell its business interests in Mexico for an enterprise value of US$1.256 billion. The sale is expected to close in the second quarter of 2018 and is subject to regulatory approvals.

InterGen’s Mexico portfolio includes 2,200 megawatts in operation with six combined-cycle gas turbine projects and a 155 megawatt wind project with partner IEnova. InterGen also owns and operates three gas compression stations and one 65-km gas pipeline in Mexico.

For more than 20 years, InterGen has been a leading investor and operator in Mexico helping to meet the growing energy needs in the country through the cleanest and most advanced technology and processes.

BofA Merrill Lynch and Barclays Capital acted as exclusive financial advisors to InterGen and Scotia Capital acted as exclusive financial advisor to Actis in the transaction.
InterGen is a global power generation firm with 11 power plants in operation, representing a total generation capacity of 6,824 megawatts (5,180 net equity MW) and including a wind project. In addition, InterGen operates three gas compression facilities and a 65-km gas pipeline. These facilities are located in the United Kingdom, Mexico and Australia. InterGen is jointly owned by the Ontario Teachers’ Pension Plan and China Huaneng Group/Guangdong Yudean Group.
Actis is a leading investor in growth markets, delivering consistent competitive returns, responsibly. It has a growing portfolio of investments across Asia, Africa and Latin America and has raised over US$12bn since inception

Milbank advised Actis with John Franchini, Dan Bartfeld,  Roland Estevez and Aaron Stine.

Galicia Abogados advised Actis with a team including José Visoso (Picture), Ricardo García, Francisco Fernández Cueto, Philipp Ersfeld, Erick Santín, Ernesto Partida, Eduardo Méndez, Erika Alarcón, Jessica Hurtado, Francisco Lascurain, Pablo Preciado, Javier Arreola, Ana Victoria and Carlos Escoto

Skadden advised InterGen with Lance Brasher, Ethan Schultz, Linda Davies, Peter Huang, Stacy Kanter, Sean Shimamoto y Steven Messina,  J. Alexander Cooke, Mark Schlackman, Leah Chacon, Tereza Widmar and Corinne Noel.

Creel, García-Cuéllar, Aiza y Enríquez advised InterGen with Santiago Sepúlveda.

 

Involved fees earner: Santiago Sepúlveda – Creel, García-Cuéllar, Aiza y Enriquez SC; Jose Visoso – Galicia Abogados, S.C; Ricardo García Giorgana – Galicia Abogados, S.C; Philipp Ersfeld – Galicia Abogados, S.C; Francisco Fernández Cueto – Galicia Abogados, S.C; Ernesto Partida F. – Galicia Abogados, S.C; Eduardo Méndez – Galicia Abogados, S.C; Erika Alarcón García – Galicia Abogados, S.C; Jessica Hurtado – Galicia Abogados, S.C; John Franchini – Milbank; Aaron Stine – Milbank; Daniel Bartfeld – Milbank; Roland Estevez – Milbank; Linda Davies – Skadden Arps Slate Meager & Flom; Peter Huang – Skadden Arps Slate Meager & Flom; Lance Brasher – Skadden Arps Slate Meager & Flom; Ethan Schultz – Skadden Arps Slate Meager & Flom; Alexander Cooke – Skadden Arps Slate Meager & Flom; Mark Schlackman – Skadden Arps Slate Meager & Flom; Leah Chacon – Skadden Arps Slate Meager & Flom; Tereza Widmar – Skadden Arps Slate Meager & Flom; Stacy Kanter – Skadden Arps Slate Meager & Flom; Sean Shimamoto – Skadden Arps Slate Meager & Flom; Steven Messina – Skadden Arps Slate Meager & Flom;

Law Firms: Creel, García-Cuéllar, Aiza y Enriquez SC; Galicia Abogados, S.C; Milbank; Skadden Arps Slate Meager & Flom;

Clients: Actis LLP; InterGen Services, Inc.;

 

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Author: Ambrogio Visconti.